Hemp Just Needs the Nod: A $2Bn Transition For NZ’s Economy


 

The American states are way ahead of us in seizing the opportunity for growth arising from Hemp legalisation – not just in Seed, and Fibre but also in Nutraceuticals. The US hemp story demonstrates how it takes political leadership to change the prospects for hemp for the benefit of the local community which has been lacking in New Zealand in recent years.

In the US the Senate Majority Leader and Kentucky senator Mitch McConnell, led the support for the Farm Bill 2018. As a direct result Kentucky, which has a similar population to New Zealand, has in 2019 43 processors, gross product sales of US$194 million, capital invested of US$207 million and 1,304 jobs. The vast majority of this growth came from growing , processing and manufacturing CBD.

Just Needs the Nod…..Cut the Red tape and the Industry can achieve Scenario 2

If government wishes to support the rapid growth of revenue and regional jobs from Hemp, then the next Prime Minister needs to cut through the red tape and finesse the Hemp amendment regulations. The driver is the economic crisis faced by our economy

NUTRACEUTICALS – Align with the USA Hemp Nutraceutical Product Market

Remove restrictions on Industrial hemp processing – – it should be treated in the same way as the vast majority of other plants containing low risk bioactive molecules. By definition, industrial hemp contains very low levels of THC and presents no more risk than similar crops such as hops. Following the lead taken by the 2018 US Farm Bill we should not be controlled as a prohibited botanica; allowing us to process all parts of the plant, including the flowers, leaves and roots. Whole plant utilisation is safe and makes economic sense

FIBRE- Mandate low or positive environmental impact materials for construction

Instead of allowing the major construction companies to find the cheapest ways of using its post-Covid-19 investments (with substantial imports), the NZ Government could mandate the use of low or positive environmental impact materials such as hemp. This should stretch to all procurement and public spending on construction, helping to build local supply chains of sustainable construction materials that provide cheaper and healthier homes for our people

AUSTRALIA

Align policy with forthcoming Australia for Therapeutic Goods Regulations changes allowing ‘over the counter’ nutraceuticals containing CBD manufacture and sales. Voter pressure has encouraged the Australian Senate to recently review the performance of the Medicinal Cannabis regulations including the prohibition of CBD products without a prescription. The Ministry of Health is very likely in 2020 to make CBD products with less than 60mg of CBD to be an over the counter nutraceutical product which will open up the CBD market in Australia

For More Information here are some links.



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